Discovery Limited (JSE:DSY) News - Change to the credit outlook following Moody’s outlook change on the South African Government Discovery Limited (Incorporated in the Republic of South Africa) (Registration No. 1999/007789/06) Legal Entity Identifier: 378900245A26169C8132 JSE share code: DSY, DSYBP DSY ISIN: ZAE000022331 DSBP ISIN: ZAE000158564 JSE bond company code: DSYI (“Discovery” or the “Issuer”) CHANGE TO THE CREDIT OUTLOOK FOLLOWING MOODY’S OUTLOOK CHANGE ON THE SOUTH AFRICAN GOVERNMENT Shareholders and noteholders are referred to the Moody’s Investors Service (“Moody’s”) press release dated 5 April 2022 on the South African insurers, including Discovery. Moody’s has reaffirmed the long-term Issuer rating of Discovery at Ba3 and changed the outlook to stable from negative. The national scale long term issuer rating of Discovery was also reaffirmed at A1.za. The change to the credit outlook follows Moody’s affirmation of the South African government’s Ba2 issuer rating and change in outlook to stable from negative on 1 April 2022. Moody’s noted: “Today's decision to change the outlook to stable from negative for these South African insurers reflects the stabilisation of the operating environment and the improved fiscal outlook for the country, as reflected by the outlook change to stable for South Africa.” 6 April 2022 Equity and Debt Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 06-04-2022 02:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.